Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Short Term Options Series Pilot Program, 38000-38001 [E8-14927]
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Federal Register / Vol. 73, No. 128 / Wednesday, July 2, 2008 / Notices
spend 171 hours in preparing and filing
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notice is hereby given that on June 23,
2008, the International Securities
Exchange, LLC (‘‘Exchange’’ or ‘‘ISE’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been substantially prepared by the
Exchange. The Exchange has designated
this proposal as non-controversial under
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
renders the proposed rule change
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE proposes to amend its rules
to extend the Short Term Options Series
Pilot Program (‘‘Pilot Program’’) for an
additional year. The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.ise.com), at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
BILLING CODE 8010–01–P
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Dated: June 24, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14986 Filed 7–1–08; 8:45 am]
[Release No. 34–58020; File No. SR–ISE–
2008–48]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Extend the Short Term
Options Series Pilot Program
jlentini on PROD1PC65 with NOTICES
June 25, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Aug<31>2005
18:51 Jul 01, 2008
Jkt 214001
1. Purpose
On July 12, 2005, the Commission
approved the Pilot Program that allows
ISE to list and trade options series that
expire one week after being opened for
trading (‘‘Short Term Options Series’’).5
Under the terms of the Pilot Program,
the Exchange can select up to five
options classes on which Short Term
Options Series may be opened on any
U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 52012
(July 12, 2005), 70 FR 41246 (July 18, 2005) (SR–
ISE 2005–17).
PO 00000
3 15
Frm 00073
Fmt 4703
Sfmt 4703
Short Term Options Series opening
date. The Exchange also may list Short
Term Options Series on any options
class selected by other securities
exchanges employing a similar pilot
program under their respective rules.
The Pilot Program was subsequently
extended 6 and the current Pilot
Program is set to expire on July 12,
2008.7 The purpose of this proposed
rule change is to extend the Pilot
Program for an additional year. The
Exchange believes that Short Term
Options Series provide investors with a
flexible and valuable tool to manage risk
exposure, minimize capital outlays, and
be more responsive to the timing of
events affecting the securities
underlying options contracts. Although
ISE has not listed any Short Term
Options Series during the Pilot Program,
there has been investor interest in
trading short term options at the
Chicago Board Options Exchange. For
competitive reasons and in order to
have the ability to respond to customer
interest in Short Term Options Series,
the Exchange proposes to extend its
Pilot Program.
In the original proposal to establish
the Pilot Program, the Exchange stated
that if it were to propose an extension
or an expansion of the Pilot Program,
the Exchange would submit, along with
any filing proposing such amendments
to the Pilot Program, a report (‘‘Pilot
Program Report’’) analyzing the Pilot
Program, which would cover the entire
period during which the Pilot Program
was in effect. Since the Exchange has
not listed any Short Term Options
Series under the Pilot Program, there is
no data available to compile such a
report at this time. Therefore, the
Exchange is not submitting a Pilot
Program Report with this proposal.
Finally, the Exchange represents that
it has the necessary systems capacity to
support the listing of Short Term
Options Series should it determine to do
so in the future.
2. Statutory Basis
The Exchange believes that short-term
options series increase the variety of
listed options available to investors and
provide investors with a valuable tool to
manage risk exposure, minimize capital
outlays and be more responsive to the
timing of events affecting the securities
underlying options contracts. For these
reasons, the Exchange believes the
proposed rule change is consistent with
6 See Securities Exchange Act Release No. 54117
(July 10, 2006), 71 FR 40564 (July 17, 2006) (SR–
ISE 2006–37).
7 See Securities Exchange Act Release No. 56047
(July 11, 2007), 72 FR 39106 (July 17, 2007) (SR–
ISE 2007–54).
E:\FR\FM\02JYN1.SGM
02JYN1
Federal Register / Vol. 73, No. 128 / Wednesday, July 2, 2008 / Notices
Section 6(b) of the Act.8 Specifically,
the Exchange believes the proposed rule
change is consistent with Section 6(b)(5)
of the Act,9 which requires that the rules
of an exchange be designed to promote
just and equitable principles of trade,
serve to remove impediments to and
perfect the mechanism for a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change does not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has designated the
proposed rule change as one that: (1)
Does not significantly affect the
protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) does not become operative for 30
days from the date of filing, or such
shorter time as the Commission may
designate if consistent with the
protection of investors and the public
interest. Therefore, the foregoing rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 10 and
subparagraph (f)(6) of Rule 19b–4
thereunder.11
The Exchange has asked the
Commission to waive the operative
delay to permit the proposed rule
change to become operative prior to the
30th day after filing. The Commission
has determined that waiving the 30-day
operative delay of the Exchange’s
proposal is consistent with the
8 15
U.S.C. 78(f)(b).
U.S.C. 78(f)(b)(5).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
provide the Commission with written notice of its
intent to file the proposed rule change, along with
a brief description and text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has fulfilled this requirement.
jlentini on PROD1PC65 with NOTICES
9 15
VerDate Aug<31>2005
18:51 Jul 01, 2008
Jkt 214001
protection of investors and the public
interest and will promote competition
because such waiver will allow ISE to
continue the existing Pilot Program
without interruption.12 Therefore, the
Commission designates the proposal
operative upon filing.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
the rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–ISE–2008–48 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–ISE–2008–48. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
PO 00000
12 For
Frm 00074
Fmt 4703
Sfmt 4703
38001
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File No.
SR–ISE–2008–48 and should be
submitted on or before July 23, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14927 Filed 7–1–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58021; File No. SR–NSX–
2008–10]
Self-Regulatory Organizations;
National Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Amend
NSX Rules To Provide for an Optional
Limit Cap Price on Any Pegged Zero
Display Reserve Order
June 25, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 17,
2008, the National Stock Exchange
(‘‘NSX’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The NSX designated
the proposed rule change as ‘‘noncontroversial’’ under Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(6) thereunder,4 which renders
the proposal effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to amend
NSX Rules 11.11(c)(2) and 11.14 to
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
1 15
E:\FR\FM\02JYN1.SGM
02JYN1
]]>Agencies
[Federal Register Volume 73, Number 128 (Wednesday, July 2, 2008)]
[Notices]
[Pages 38000-38001]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-14927]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58020; File No. SR-ISE-2008-48]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Extend the Short Term Options Series Pilot Program
June 25, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 23, 2008, the International Securities Exchange, LLC
(``Exchange'' or ``ISE'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I and II below, which Items have been substantially prepared by
the Exchange. The Exchange has designated this proposal as non-
controversial under Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder,\4\ which renders the proposed rule change
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The ISE proposes to amend its rules to extend the Short Term
Options Series Pilot Program (``Pilot Program'') for an additional
year. The text of the proposed rule change is available on the
Exchange's Web site (https://www.ise.com), at the principal office of
the Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On July 12, 2005, the Commission approved the Pilot Program that
allows ISE to list and trade options series that expire one week after
being opened for trading (``Short Term Options Series'').\5\ Under the
terms of the Pilot Program, the Exchange can select up to five options
classes on which Short Term Options Series may be opened on any Short
Term Options Series opening date. The Exchange also may list Short Term
Options Series on any options class selected by other securities
exchanges employing a similar pilot program under their respective
rules.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 52012 (July 12,
2005), 70 FR 41246 (July 18, 2005) (SR-ISE 2005-17).
---------------------------------------------------------------------------
The Pilot Program was subsequently extended \6\ and the current
Pilot Program is set to expire on July 12, 2008.\7\ The purpose of this
proposed rule change is to extend the Pilot Program for an additional
year. The Exchange believes that Short Term Options Series provide
investors with a flexible and valuable tool to manage risk exposure,
minimize capital outlays, and be more responsive to the timing of
events affecting the securities underlying options contracts. Although
ISE has not listed any Short Term Options Series during the Pilot
Program, there has been investor interest in trading short term options
at the Chicago Board Options Exchange. For competitive reasons and in
order to have the ability to respond to customer interest in Short Term
Options Series, the Exchange proposes to extend its Pilot Program.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 54117 (July 10,
2006), 71 FR 40564 (July 17, 2006) (SR-ISE 2006-37).
\7\ See Securities Exchange Act Release No. 56047 (July 11,
2007), 72 FR 39106 (July 17, 2007) (SR-ISE 2007-54).
---------------------------------------------------------------------------
In the original proposal to establish the Pilot Program, the
Exchange stated that if it were to propose an extension or an expansion
of the Pilot Program, the Exchange would submit, along with any filing
proposing such amendments to the Pilot Program, a report (``Pilot
Program Report'') analyzing the Pilot Program, which would cover the
entire period during which the Pilot Program was in effect. Since the
Exchange has not listed any Short Term Options Series under the Pilot
Program, there is no data available to compile such a report at this
time. Therefore, the Exchange is not submitting a Pilot Program Report
with this proposal.
Finally, the Exchange represents that it has the necessary systems
capacity to support the listing of Short Term Options Series should it
determine to do so in the future.
2. Statutory Basis
The Exchange believes that short-term options series increase the
variety of listed options available to investors and provide investors
with a valuable tool to manage risk exposure, minimize capital outlays
and be more responsive to the timing of events affecting the securities
underlying options contracts. For these reasons, the Exchange believes
the proposed rule change is consistent with
[[Page 38001]]
Section 6(b) of the Act.\8\ Specifically, the Exchange believes the
proposed rule change is consistent with Section 6(b)(5) of the Act,\9\
which requires that the rules of an exchange be designed to promote
just and equitable principles of trade, serve to remove impediments to
and perfect the mechanism for a free and open market and a national
market system, and, in general, to protect investors and the public
interest.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78(f)(b).
\9\ 15 U.S.C. 78(f)(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change does not impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has designated the proposed rule change as one that:
(1) Does not significantly affect the protection of investors or the
public interest; (2) does not impose any significant burden on
competition; and (3) does not become operative for 30 days from the
date of filing, or such shorter time as the Commission may designate if
consistent with the protection of investors and the public interest.
Therefore, the foregoing rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \10\ and subparagraph (f)(6) of Rule
19b-4 thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with written notice of its intent to file the proposed rule change,
along with a brief description and text of the proposed rule change,
at least five business days prior to the date of filing of the
proposed rule change, or such shorter time as designated by the
Commission. The Exchange has fulfilled this requirement.
---------------------------------------------------------------------------
The Exchange has asked the Commission to waive the operative delay
to permit the proposed rule change to become operative prior to the
30th day after filing. The Commission has determined that waiving the
30-day operative delay of the Exchange's proposal is consistent with
the protection of investors and the public interest and will promote
competition because such waiver will allow ISE to continue the existing
Pilot Program without interruption.\12\ Therefore, the Commission
designates the proposal operative upon filing.
---------------------------------------------------------------------------
\12\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate the rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-ISE-2008-48 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-ISE-2008-48. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File No. SR-ISE-2008-48 and should be
submitted on or before July 23, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-14927 Filed 7-1-08; 8:45 am]
BILLING CODE 8010-01-P
